Mixed results for London-listed water tech companies
Published September 13th, 2018
The interim results season was in full flow for smaller London-listed water technology companies this week, with some wild share price swings evident.
This morning’s 11% drop in the share price of water-saving solutions provider Xeros partly reflects investors’ impatience at the company’s protracted journey towards positive EBITDA – coupled with the fact that they expect to be asked for more development capital later this year, despite having pumped £25 million into the company at the end of 2017.
Investors in MyCelx Technologies, by contrast, saw the value of their shares rise 40% after the company soared to a net profit of $1.5 million on H1 revenues of $12.2 million (up 107%), partly thanks to good customer retention and progress in new markets, including Nigeria.
Leak detection and remediation specialist Water Intelligence, meanwhile, rose 14% on first-half revenues of $11.8 million (up 39%) and pre-tax profit of $1.26 million (up 49%).